221
221
Dec 31, 2012
12/12
by
CNNW
tv
eye 221
favorite 0
quote 0
that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate and house. the thought is that going over the cliff gives cover for some democrats and certainly some republicans. there will be a lot more pressure after the cliff comes to be to put a solution in place. even after midnight were to come and go, we would see them wo working towards an agreement, e we would expect. >> politicking around a cliff that was always meant to be sort of the suicide that would never be. john avalon said, congress is raising to diffuse a time bomb that congress wired. >> reporter: that's true. the thing is, and we will contin
that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate...
201
201
Dec 31, 2012
12/12
by
CNNW
tv
eye 201
favorite 0
quote 0
>> well, the level at which taxes will rise above where they are right now, so obama's insistence has been, if you make over $250,000 a year, on the income over 250 you pay a little more in the new rates he's proposing. now, he's been willing -- it's been reported that he's gone as high as 400,000 in the negotiations with boehner. so that's a place for agreement. the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a breakdown in negotiations today, because republicans wanted those benefit cuts to social security. and democrats said no way. and that was the sticking point and that's when this thing moved from the senate over to biden and mcconnell where
>> well, the level at which taxes will rise above where they are right now, so obama's insistence has been, if you make over $250,000 a year, on the income over 250 you pay a little more in the new rates he's proposing. now, he's been willing -- it's been reported that he's gone as high as 400,000 in the negotiations with boehner. so that's a place for agreement. the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night....
178
178
Dec 31, 2012
12/12
by
CNNW
tv
eye 178
favorite 0
quote 0
look, taxes are probably going to go up on the rich because president obama did -- you know, he went around the country saying if he was re-elected, that's what he would do. but, you know, as i told you many times, even if we don't get a deal here in the next 24 hours, this is not thelma and louise. this is a slope, not a cliff that's going to cause a crash in the economy. i do think it looks bad for the country. it's beneath us to go into this new year not knowing what the tax code is going to look like, what kind of spending cuts will go in. this is politics at its very lowest. >> let's talk about a week ago one of the things that you and i both thought shall i thought it was a bit cynical that john boehner would put forward this plan "b." it sort of showed a lack of faith in his negotiations with the president but he put forward a plan that would increase taxes on those earning a million dollars or more per year and grover norquist to whom everybody has signed this pledge, this never increase taxes pledge, actually looked it over and said, that's all right. i can live with that. s
look, taxes are probably going to go up on the rich because president obama did -- you know, he went around the country saying if he was re-elected, that's what he would do. but, you know, as i told you many times, even if we don't get a deal here in the next 24 hours, this is not thelma and louise. this is a slope, not a cliff that's going to cause a crash in the economy. i do think it looks bad for the country. it's beneath us to go into this new year not knowing what the tax code is going to...
260
260
Jan 1, 2013
01/13
by
CNNW
tv
eye 260
favorite 0
quote 0
with obama it's like a mandate, with the taxing the wealthiest americans, if he's elected which by a landslide, maybe they need to catch up and form and modernize the party. >> reporter: how much does the political posturing, how is that to watch this churn day after day for the past several days? >> it's rough. i was watching yesterday when the president spoke, hoping maybe they had come to some point. hearing him say we're close but not there yet, it's like these are things that directly affect americans and if this is your job, this in is why we elect you, it's waiting each day, it's kind of like -- it's cliff, though cliff is a misleading term it is a good term. it's like jumping over, waiting for something to kind of hit us, that really shouldn't be there at all. >> reporter: thanks for your thoughts. one other person i talked with had one more thought saying it's a shame na the u.s. economy is being held hostage by the u.s. congress. something to think about as we continue our new year's day. >> it was fascinating to hear that young woman's point of view there. obviously studen
with obama it's like a mandate, with the taxing the wealthiest americans, if he's elected which by a landslide, maybe they need to catch up and form and modernize the party. >> reporter: how much does the political posturing, how is that to watch this churn day after day for the past several days? >> it's rough. i was watching yesterday when the president spoke, hoping maybe they had come to some point. hearing him say we're close but not there yet, it's like these are things that...
187
187
Dec 30, 2012
12/12
by
CNNW
tv
eye 187
favorite 0
quote 0
president obama did win 51% of the vote, almost certainly going to happen. as i say you can the problem is for each individual politician, less incentive to compromise, their constituency leans more heavily toward one side or the other. you lean it all up it does produce disfunction in a country still structurally closely divided. >> also still trying to climb its way out of a horrible recession and todd, so, what do you think the reaction on wall street tomorrow morning, the last trading day of the year is going to be? what do we brace ourselves for? that's what i worry about, the economy and the many people whose jobs are really hanging in the balance. >> that's right. we have the jobs report coming out just this friday as well. wall street, right now, short term it is going to be chaotic. we saw it in the final hour of trading on friday, odd number of "headline news" stories coming out of the white house based on a meeting that took place as well as the president's comments starting around 3:30. wall street does not like this, they clearly don't like the
president obama did win 51% of the vote, almost certainly going to happen. as i say you can the problem is for each individual politician, less incentive to compromise, their constituency leans more heavily toward one side or the other. you lean it all up it does produce disfunction in a country still structurally closely divided. >> also still trying to climb its way out of a horrible recession and todd, so, what do you think the reaction on wall street tomorrow morning, the last trading...
658
658
Dec 30, 2012
12/12
by
CNNW
tv
eye 658
favorite 0
quote 0
>> and when john boehner came up with what i kept seeing the pictures of john boehner and president obama sitting together and very good picture and they are both good guys to come up with a plan, and john boehner came up with a plan that democrats would not enjoy the idea that taxes going up on people earning more than $1 million a year and not acceptable for most people, but he could not get members of his own caucus to agree to it, so it is not fair for the republicans to somehow suggest that we are here because of the democrats. i am not saying that the democrats had nothing to do with it, but you can't get your own act together, and the republicans and the democrats in the house can't get their act together. >> well, we are here as inaction, and here is the deal on that, and what the president wanted to do was to generate enough revenue to cover government for agent eight days, seven or eight days and what do you do with the other 350-plus days leftover? you cannot continue to run trillion dollar deficits every year, because we are already at $16 trillion in debt. what we have is a d
>> and when john boehner came up with what i kept seeing the pictures of john boehner and president obama sitting together and very good picture and they are both good guys to come up with a plan, and john boehner came up with a plan that democrats would not enjoy the idea that taxes going up on people earning more than $1 million a year and not acceptable for most people, but he could not get members of his own caucus to agree to it, so it is not fair for the republicans to somehow...
286
286
Dec 31, 2012
12/12
by
CNNW
tv
eye 286
favorite 0
quote 0
cuts put in place by president obama about two years ago to boost the economy. so what does it mean to your wallet? here is how much less you'll bring home if it does expire. paychecks shrink $50 a month for those earning $30,000 a year. it shrinks $83 a month for those earning $50,000 a year. and $167 a month for those earning $100,000 a year or more. now, let's switch to the fiscal cliff. what that could cost you if that so-called deal in sight doesn't get done. without the deal, the potential impact, say you're single, you work hard, okay, here is what you can expect. you don't have kids. you earn about $80,000 a year. think about what you pay now. guess what, you'll pay an attentional $3,000, that's right, $3,000 more in taxes next year. if you're married with kids, yeah, doesn't get any better. the middle class families get hit hard. if you have two kids, both parents work together, you earn $80,000, well, if we do go over the cliff, you will owe almost $6,000 more in taxes next year and that is why it is so important that a deal gets done. with so much unc
cuts put in place by president obama about two years ago to boost the economy. so what does it mean to your wallet? here is how much less you'll bring home if it does expire. paychecks shrink $50 a month for those earning $30,000 a year. it shrinks $83 a month for those earning $50,000 a year. and $167 a month for those earning $100,000 a year or more. now, let's switch to the fiscal cliff. what that could cost you if that so-called deal in sight doesn't get done. without the deal, the...
246
246
Dec 31, 2012
12/12
by
CNNW
tv
eye 246
favorite 0
quote 0
president obama is now scheduled to make a statement about the negotiations. that's going to take place about 1:30 or so, in less than 30 minutes. we'll bring it to you live at the white house as soon as it happens. we want to talk about what is going on behind the scenes. you have negotiations led by the vice president and senate minority leader mitch mcconnell. sources are telling us they are making some progress, but here's the catch. if a deal is reached, there is no guarantee it's going to pass. here's what democratic senator tom harkin said on the senate floor earlier this morning. >> if we're going to have some kind of a deal, the deal must be one that really does favor the middle class. the real middle class. those that are making 30,000, 50,000, 60,000, 70,000 a year. that's the real middle class in america. and as i see this thing developing, quite frankly, as i've said before, no deal is better than a bad deal, and this looks like a very bad deal the way it's he shaping up. >> we cover it from all angles. we have dana bash on capitol hill and jessic
president obama is now scheduled to make a statement about the negotiations. that's going to take place about 1:30 or so, in less than 30 minutes. we'll bring it to you live at the white house as soon as it happens. we want to talk about what is going on behind the scenes. you have negotiations led by the vice president and senate minority leader mitch mcconnell. sources are telling us they are making some progress, but here's the catch. if a deal is reached, there is no guarantee it's going to...
389
389
Dec 31, 2012
12/12
by
CNNW
tv
eye 389
favorite 0
quote 0
president obama says he is modestly optimistic that negotiations could prevent these huge tax hikes and spending cuts from kicking in. >> we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. >> brianna keilar, she's at the white house. brianna, they're saying they're going to come back to work in a couple of hours. a lot of people have been up a lot longer than that, up earlier, trying to figure out what's going on here. i understand you do have some news. potentially there's a new offer on the table. >> reporter: that's right. according to democratic sources, suzanne, they have gone up to $450,000 as the threshold for those income tax rates for where those bush-era tax cuts would expire. so beyond $450,000 for a family. this is somewhat significant because initially the pr
president obama says he is modestly optimistic that negotiations could prevent these huge tax hikes and spending cuts from kicking in. >> we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it,...